The leverage inherent in a Turbo option is directly connected to the relative position of the underlying’s price and Knockout Price. The closer the spot price to the Knockout Price, the higher the probability of the option getting ‘knocked out’ and thus, lower the price of the option. Since, the contract size remains unchanged, as price of the option goes down, the effective leverage it offers goes up. The leverage of Turbo options at the time of launch is 200x. As spot price moves towards/ away from the Knockout Price, the leverages goes up/ down.